Paris, France
Reuters
—
LVMH lost its position on Tuesday as Europe’s largest luxury company in terms of market capitalization after being overtaken by rival Hermès due to investor pessimism after disappointing first-quarter revenue from the sector bellwether.
LVMH, whose high-end brands include Louis Vuitton and Dior, jewelry brand Tiffany & Co. and beauty chain Sephora, missed expectations for first-quarter sales as US shoppers curbed purchases of beauty products and cognac while sales in China remained weak.
LVMH shares dropped 7%, bringing its market capitalization down to €246 billion, compared to €247 billion for Hermès.
While…